OVERVIEW We have reviewed the assets and cash flows of two mortgage covered bonds programs set up by Nordea Kredit Realkredit A/S, a 100% owned subsidiary of Nordea Bank Danmark A/S. We rate the covered bond programs at 'AAA', our highest rating, three notches above the issuer credit rating. Under our asset-liability mismatch (ALMM) criteria, the current maximum achievable rating uplift is seven notches. We are therefore affirming our 'AAA/A-1+' ratings on the programs and all covered bond issuances under the programs. The stable outlook reflects our view that if we were to downgrade Nordea Bank Danmark, this would not automatically trigger a downgrade of the covered bond programs. Similarly, we would not necessarily lower the ratings if we perceived
